India, July 8 -- India's medical devices industry stands at a critical juncture. While the country has made significant strides in manufacturing and exports, achieving technological self-reliance will require a shift from low-value production to innovation-led growth.

Key findings from the Exim Bank Study, "Building Technological Capabilities in India's Medical Devices Industry," are as follows:

Domestic manufacturing is gaining momentum- Production of medical and dental instruments more than doubled from Rs 162.6 billion in 2019-20 to Rs 348.7 billion in 2023-24 (21.0% CAGR), while production of irradiation, electromedical, and electrotherapeutic equipment rose from Rs 70.8 billion to Rs 113.9 billion (12.6% CAGR).

Exports are growing...